The United States Labor Department recently published the much-anticipated Consumer Price Index (CPI) numbers for February, occurring just before the FOMC meeting scheduled next week.

The reported figures showed a 0.3% increase for the month of February and a year-over-year rise of 2.4%, closely aligning with expert predictions.

Although this increase slightly surpassed January’s increase of 0.2%, the Core CPI, which omits volatile sectors like food and energy, also rose by 0.2%, meeting expectations—this contrasts with a 0.3% rise in January.

Among the components, the largest, shelter, increased by 0.2% month-over-month and 3% year-over-year, while rent saw its lowest monthly growth in over five years, climbing by just 0.1%.

With expectations being met, experts speculate that the US Federal Reserve is likely to maintain current interest rates in the upcoming meeting.

Bitcoin’s price exhibited slight fluctuations immediately following the release of the data, fluctuating from $69,000 to a peak of $69,800 before settling around $69,300 as of the latest update.

Interestingly, this inflation data seems to have less influence on Bitcoin’s price movements compared to previous instances, as market attention shifts towards geopolitical tensions involving the US, Israel, and Iran.

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BTCUSD Mar 11. Source: TradingView
BTCUSD Mar 11. Source: TradingView